Vin_Trader put out four stocks to watch on 02/11 and I attempted to scalp a quick profit since it was already halfway into the trading day when I checked his blog. It was a loss for me, but not because Vin_Trader had a bad pick... his pick was actually 12% to 16% gainer for the day. There were a few things that went wrong here. One being that I had a poor entry point, I entered hoping that the stock would gain to a 20%+ gain for the day and scalp maybe 8% to 10%, that didn't happen of course and my trailing stop snagged me as the stock began its consolidation period. Which brings me to the other thing I see wrong here, looking back I think I set my trailing stop too tight at 5%. The last few times I used a 8% trailing stop. That said, if the stock drops tomorrow I should be happy with the 5% loss and lick my wounds.
Welcome to my blog. A lot has changed since I started this thing. I'm now trading live after about a year of paper trading and studying. Originally I had planned on starting part time and slowly growing my account but life has a funny way of changing your plans. I found myself at a crossroads of sorts and quickly realized that I was being given a once in a lifetime opportunity to pursue my goals. I took the leap and I'm not looking back. Follow me here and see the triumphs and the losses.
I tend to look for momentum trades that I can hold for anywhere from a few hours to a few days. I usually take positions of $5k to $10k in size to allow larger gains on smaller percentages (it's easier to hit a 1% to 5% gain vs a 10% to 20%+ gainer) and I like to use a trailing stop.
This blog is a way for me to log my progress and to aid me in learning, I hope that you find it useful. Financial freedom isn't given, it is earned. So plant the seeds of education and grow your pennies!